How Would Hedge Fund Regulation Affect Investor Behavior? Implications for Systemic Risk


南橋 尚明 (Bank of Canada)
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大証寄附研究部門セミナーシリーズ 第38回
How Would Hedge Fund Regulation Affect Investor Behavior? Implications for Systemic Risk

南橋 尚明 (Bank of Canada)

This paper studies investors' demand for hedge funds to examine the effect of regulation being considered by policymakers that aims to enhance financial stability. Using data on fund-level characteristics, we estimate a hedge fund demand that takes into account investors' heterogeneous tastes for using leverage. Our estimation results demonstrate that some investors positively evaluate using leverage. We then conduct a policy simulation in which regulators put a cap on the hedge funds' leverage, as proposed by the Financial Stability Board in 2012.

Simulation results suggest that regulation would lower the total demand for hedge funds. In particular, regulation would lead to lower investments for highly leveraged funds and for risky strategies, which, in turn, would reduce systemic risk.

講 師:
南橋 尚明 (Bank of Canada)
テーマ:
How Would Hedge Fund Regulation Affect Investor Behavior? Implications for Systemic Risk
日 時:
2013年06月14日(金)16:20-17:50
場 所:
大阪大学(豊中キャンパス) 法・経大学院総合研究棟 605セミナー室
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